How to buy a used supercar: driving thrills without the horrendous bills
We visit a Ferrari dealer in the New Forest to discover what it’s like to purchase a dream used model
“It all starts with a coffee,” says Ferrari sales manager Glenn Butt as he escorts us towards a sumptuous seating area overlooking a showroom of dreams. We’re at Meridien Modena, one of the most well regarded Ferrari dealerships in the country, about to experience what very few do: the fabled process of buying a Ferrari.
Yet, as the espresso machine fires up and fills the air with coffee notes of cocoa, toasted nuts and wealth, we gaze across the exotic selection out on display and quickly notice how the values attributed to some of the second-hand models almost appear reasonable in today’s overpriced car market.
Nowadays, it’s very easy to spend close to six figures on a performance BMW or an electric Mercedes SUV. However, while the price tags of these vehicles are comparable to those of a pre-owned Ferrari, the customer experience couldn't be more different.
Meridien Modena, for starters, is built upon a lovingly restored turn-of-the-20th-century power station in Lyndhurst, Hants, and is a destination in itself. Forget the cookie-cutter grey box in an industrial estate that most car dealerships find themselves in: if Arnold Clark bought the Versace Mansion and turned it into a luxury-car dealership, it wouldn’t be far off this.
Admittedly, when we first entered, the sight of a one-of-799 Ferrari F12tdf listed for £900,000 nearly had us make a U-turn straight for the gleaming glass doors we’d stepped through just moments prior; the cynic inside us can’t help but wonder whether its placement is designed to act as a deterrent for any chancers looking for a free joyride in a sleek supercar.
We stand and head to peruse the sensational stock displayed around us, but not before Glenn passes us our Ferrari-branded cup of freshly brewed coffee. We gingerly clutch it like a surgeon would a vital organ, acutely aware it’s almost certainly the most expensive piece of crockery we’ve ever laid hands on.
Given that this was our first plunge into the world of supercar ownership, Glenn tells us that “the California or Portofino are often used as stepping stones for Ferrari ownership”.
It’s easy to see why; despite being a bright-red convertible Ferrari – that is, the ultimate dream for many of us – the California T we peer inside costs roughly the same as a new BMW M3 (around £90,000), despite packing a thoroughbred 3.8-litre turbocharged V8 under its bonnet.
Furthermore, given that this example is still relatively modern, it qualifies for Ferrari’s fantastic ‘Power16’ used warranty programme. All Ferrari Approved used models get 24 months of cover, which protects almost all major mechanical components. This can be extended annually for around £4,500-£5,500 which, while expensive, is certainly less bankrupting than having to fork out for a new engine or gearbox.
Power16, as its name suggests, even covers cars up to 16 years old; examples aged between nine and 16 only have their engine, gearbox, suspension and electrical components protected, though. Nevertheless, it’s still a generous package and takes some of the trepidation out of ownership.
In fact, Meridien Modena goes as far as offering at least a year’s warranty on all of the cars it sells – including its selection of classics. A four-decade-old Ferrari 328 GTS, offered with a year of RAC-backed cover, catches our eye and we scurry over to take a closer look.
We immediately notice how offset the pedal box is, giving the feeling your right foot is in the way of oncoming traffic as you drive along. The 328’s simple interior and gated manual gearbox are also a welcome palate cleanser from the futuristic rocketships that are modern Ferraris.
As you’d expect, older models such as the 328 GTS take a lot more time, dedication and patience than some of Meridien Modena’s more contemporary offerings. “Cars like this really are a passion purchase,” Glenn tells us. “These cars attract a certain type of buyer who is looking for more of a sense of occasion than an exciting drive.”
Having said that, even Glenn, who has understandably become somewhat desensitised to the showroom’s sensational stock over the years, also can’t help but join us in fawning over the 328’s iconic, wedge-like proportions.
Listed at similar money to an electric Audi e-tron GT saloon (a snip at less than £100,000), we can’t help but view a targa-topped mid-engined classic with pop-up headlights such as this as a bit of a bargain – especially considering the much greater level of emotion the Ferrari brings in comparison.
You can, of course, find many similar examples for even less than this – a quick search online through the Auto Express Buy A Car service uncovers dozens of bedroom-wall poster cars in need of new owners. But buying directly through Ferrari nets you benefits, namely the warranties, on top of a free one-year membership to the Ferrari Owners’ Club of Great Britain, complete with access to special events and track days.
Perhaps the most important reason to buy directly through a main dealer, though, is that “if you buy a car from an independent showroom down the road, Ferrari has no idea who you are,” according to Glenn. Getting on the marque’s list of VIPs is handy if you wish to truly become immersed in the Ferrari experience, getting invites to events such as Formula One and sometimes even the opportunity to purchase limited-run models.
“Ninety per cent of the Ferrari experience is the relationship,” Glenn continues. “We’re going to look after you – it’s not simply transactional.” While most buyers flocking to Meridien Modena aren’t looking at the sub-six-figure stock like us – Glenn says the showroom nevertheless aims to offer the same experience whether you’re buying a 15-year-old FF or that F12tdf we saw at the door – that’s not to say they aren’t also after a good deal.
With the current mid-engined Ferrari 296 starting from more than £250,000 and most not leaving the factory for less than £300k, it’s no surprise that many are instead turning to the model that Glenn refers to as the dealership’s “bread and butter”. This, at around £150,00-£170,000, can be had for roughly half the price of its modern-day equivalent.
The Ferrari 488 hasn’t fared quite as well as its 458 predecessor in terms of depreciation given its turbocharged powertrain. But after Glenn hands us the keys to an example on the forecourt, we take the 488 out on the dealership’s official test-drive route through the New Forest, and quickly discover that the market might be sleeping on a real gem.
The 488 is capable of 0-62mph in just three seconds, and driving it is like being sat in front of a Tyrannosaurus Rex playing the trombone, with the brassy rasp of the twin-turbo V8 surging through your body each time you squeeze the throttle.
The rush of torque delivered when you pull one of the shift paddles is like a shot of adrenaline, while the 488’s low driving position, sharp steering and poised chassis give you an almost symbiotic understanding of how the car is behaving beneath you.
Arriving back at Meridien Modena, Glenn escorts us back to the showroom sofa. Buying a Ferrari is much more relaxed than you might expect, with all the necessary documentation pre-emptively splayed out ready for us on the coffee table.
Propping himself up with a supple leather cushion embossed with the Prancing Horse insignia and against a backdrop of trophies, scale models and other Ferrari memorabilia, Glenn explains how “people often say how they didn’t realise how taking the plunge could be so easy”.
Of course, for most of us, buying a supercar is simply out of the question. But encroaching electrification, digitisation and inflation mean that for those with a higher-than-average salary, choosing a second-hand supercar over a posh plug-in hybrid or EV is now a more tempting proposition than ever. That’s especially true considering that most of the second-hand cars on display here should hold their value and are thus rather solid investments.
Diving into supercar ownership is undoubtedly driven by a person’s heart and passion, though, rather than by their head and wallet. “You’re not just buying a car,” Glenn says, “you’re buying a dream.” Thankfully, we awaken just before we sign on the dotted line, because we’re not sure the deposit for a 488 would be covered under the Auto Express company expenses scheme.
If you're looking to take the leap into supercar ownership, there are plenty of used Ferraris to pick from through the Auto Express Buy A Car service.
5 tips for buying a used supercar
1. Understand your budget
Sticking to your predefined budget is the first, but perhaps the most important element to bear in mind when buying a second-hand supercar. While examples with only a few options on them can appear reasonable, find one with carbon-fibre trim or special paint and prices can skyrocket.
Also remember that if a deal looks too good to be true, it probably is. If you’re seeing a car listed for dramatically less than similar models of its age and mileage, chances are that there could be a significant problem with it that might cost thousands to rectify.
2. Buy from a specialist or main dealer
Kevin Jordan, sales manager of independent luxury and supercar dealership Stratton Motor Company says: “These are handcrafted cars and have their idiosyncrasies, so it’s advisable to buy from somewhere that knows them best.”
It’s easy to find horror stories on the internet of unknowing supercar buyers driving away from a shady dealership, only for the car to break down just a few miles down the road.
Buying from a main dealer typically brings with it perks, be it warranties, discounted servicing or even just peace of mind that the car you’re looking at has been thoroughly inspected and looked after by the maker itself.
It is also advisable, however, to consider non-main dealer specialists. Stratton Motor Company is one of those businesses, having previously existed as a franchised Aston Martin dealer. Buying through one of these should be almost as, if not as secure as, buying directly through the manufacturer, but can often be a lot cheaper.
“The main dealer sometimes will be under a set of rules which can get a bit cost prohibitive to sell older cars as they cost more to get ready,” says Kevin. “Whereas they might not have anything less than £60,000, we might have a car that starts at £30,000.”
3. Select your make AND model wisely
The reliability and maintainability of supercars can vary drastically. For example, something like an Audi R8 or Mercedes-AMG GT will have been produced in relatively large numbers by a major manufacturer, meaning access to qualified mechanics or a supply of replacement parts shouldn’t be quite as restricted as it would with, say, something such as a Wiesmann or Ascari, for example.
Yet even cars from well established performance brands can still be costly to maintain. A V12 Ferrari, for example, is more expensive to service and repair than one of the less-powerful V8 models.
If you’re looking to make money, keeping an eye on market trends and snapping up a good deal on a rare or in-demand car means it could be worth more than you paid for it when you go to sell it in a few years time.
4. Beware of running costs
While many models such as the famed Aston Martin DB9 can be found for as little as the price of a Nissan Qashqai, it’s easy to get lulled into a false sense of security that these cars will be just as cheap to run.
Kevin warns: “There are certain things to bear in mind and certain things can be very expensive. For example, a performance clutch is a lot more expensive than it would be on a normal car such as a BMW or VW.”
Common parts like a new set of brakes can be 10 to 20 times more expensive than on a mainstream family car. That’s also without considering the increased cost of insurance, the price of premium fuel and an elevated cost for servicing the vehicle.
5. Check you have somewhere to store it
Most of us leave our cars on the driveway or the road overnight, but again most of us don’t drive supercars worth close to or over six figures. Valuable and high-performance cars are obviously prime targets for thieves and should therefore be secured away when you’re not driving them – in something like a garage or an external storage facility.
Perhaps an even bigger risk to an ageing supercar isn’t theft, but rust. The last thing you want is to leave your prized possession out in the wet and cold, only to be faced with a massive bill to replace one of its bespoke body panels ravaged by the elements.
Did you know you can sell your car through Auto Express? We’ll help you get a great price and find a great deal on a new car, too.
